Crypto
New reports have revealed a massive exodus of Ethereum (ETH) tokens from various crypto exchanges. IntoTheBlock’s on-chain data shows that over $1.4 billion worth of Ethereum has been withdrawn from exchanges. This large-scale ETH outflow marks one of the largest in recent months, signaling a potential shift in investor behavior.
Crypto Ethereum Exchanges See Massive Outflows
IntoTheBlock, a crypto analytics platform, reported that over $1.4 billion worth of Ethereum was recently moved out of crypto exchanges. This large-scale transfer usually occurs when investors buy a cryptocurrency from an exchange and move it to their private wallets rather than storing it on the centralized exchange.
Considering the sheer amount of ETH involved, investors may be planning to hold onto their assets rather than sell them. Data for IntoTheBlock indicates that approximately 74% of ETH investors have been HODLing for over a year, highlighting a widespread trend amongst investors to retain their assets.
The last time Ethereum exchanges experienced outflows at such a high level was in November 2024. At the time, Bitcoin (BTC) and Dogecoin (DOGE) were the highlight of the market, experiencing massive gains following Donald Trump’s win in the United States (US) Presidential elections.
In contrast, Ethereum saw less impressive gains, struggling to break through resistance levels to reach new highs. Given ETH’s current volatility and price fluctuations, it would not be surprising if investors decided to sell off their holdings to prevent potential losses. However, the reverse seems to be the case, as these investors are holding on to their assets, possibly banking on a possible price increase in the future.
Confirming the massive ETH outflows from exchanges, CryptoQuant highlighted a decrease in overall selling pressure in the Ethereum market. The blockchain analytics platform disclosed that while inflows and outflows have increased slightly, net flows stay negative.
IntoTheBlock also shows that inflows have increased by 43.07% over the past week, while outflows have surged by a whopping 57.35%. Ethereum’s large holder netflow remains negative, decreasing by 26.35% over the past week and 47.60% in the last 30 days.
Interestingly, there have also been severe outflows from Ethereum Spot ETFs, with Wu Blockchain revealing that the total net outflow of these ETFs has increased to $68.47 million.
Crypto Analyst Unveils Bearish Ethereum Price Prediction
‘More Crypto Online (MCO), a crypto community on X, has shared a bleak Ethereum price forecast, projecting a direct decline in line with the third wave of the Elliott Wave theory. According to the analyst, Ethereum will likely remain in its current consolidation phase through the weekend as its Wave 2 unfolds.
The analyst has presented potential targets for the projected decline in Wave 3, with significant levels at 100%, 123.6%, and 138%. If Ethereum experiences a decline to these degrees, its price could crash to $2,841, $2,660, and $2,555, respectively.
Featured image created with Dall.E, chart from Tradingview.com
Crypto
Scott Matherson
Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott’s dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.
Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.
With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.
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Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.
Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that trans
